Rotork Early look at the H1’26 Results: Expect reiteration of trends and guidance

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Rotork Early look at the H1’26 Results: Expect reiteration of trends and guidance

C A Z E N O V E Europe Equity Research

01 July 2026

Rotork Overweight

ROR.L, ROR LN

Early look at the H1’26 Results: Expect reiteration of Price (30 Jun 26):295p

trends and guidance ▲Price Target (Dec-27):405p Prior (Jun-27):390p

We revisit our Rotork model ahead of the group’s H1’26 results. We make only

small changes with our underlying assumptions broadly unchanged. Our FY26 European Capital Goods

revenue increases by 1%, reflecting the FX move. As flagged previously, we Chitrita C Sinha AC

continue to expect an H1/H2 weighting of c.46%/54% on revenue and c.40%/60% (44-20) 7742-7176

on adj. operating profit. The profit split is slightly higher than history due to project chitrita.sinha@jpmorgan.com

J.P. Morgan Securities plc

phasing and the impact of Middle East in O&G. We expect a 1.0x book-to-bill for

Phil Bullerboth halves. Overall, we expect a solid print, which should help to de-risk the FY26

(44-20) 3493-9403

expectations. The stock is trading at a 25% discount to its own historical premium phil.buller@jpmorgan.com

to the sector. Our price target increases to 405p (from 390p) as we roll forward our J.P. Morgan Securities plc

price target to December 2027 (from June 2027), implying 37% upside. Rotork will Akash Gupta

release its H1’26 results on 4 August. (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

• JPMe Forecasts. We model H1’26 orders of £366m, +1.7% organic; sales at J.P. Morgan Securities plc

£365m +1.2% organic growth and an adj. EBITA margin of 21.4%. This Jeremy Caspar

implies an H1/H2 weighting of c.46%/54% on revenue and c.40%/60% on adj. (44-20) 3493-5188

operating profit. We expect the results to be in-line with developments at the jeremy.caspar@jpmorgan.com